This paper investigates the conditions under which a dynamic, stochastic macroeconomic model with many interacting agents will exhibit the ‘small shocks, large shocks’ property that is often said to characterize observed ...
In this paper, we compile a unique historical dataset that records strike activity in the British engineering industry from 1920 to 1970. These data have the advantage of containing a fairly
homogenous set of companies ...
We develop a theoretical model of the dynamics of an industry over the business cycle. In the economy, both aggregate demand and the productivity of a firm's technology evolve stochastically. Each period, firms must choose ...
We study the dynamics of an industry subject to aggregate demand shocks where the productivity of a firm’s technology evolves stochastically over time. Each period, each firm, given the aggregate demand shock, the productivity ...
Using the British New Earnings Survey Panel Data (NESPD) for the period 1975 to 2001 we
estimate the wage cyclicality of job stayers (those remaining within single jobs in a given company), within company job movers, and ...
Based on the methodology of Beaudry and DiNardo (1991), this paper investigates the
relative importance of the spot market and implicit contracts in the determination of British real wages. Empirical work is carried out ...